Cubist Systematic Strategies LLC Decreases Holdings in Palomar Holdings, Inc. $PLMR

Key Points

• Cubist Systematic Strategies LLC reduced its stake in Palomar Holdings, Inc. by 66.3% in the first quarter, leaving them with 10,513 shares valued at approximately $1.44 million.
• Other institutional investors, like Northern Trust Corp and Deutsche Bank AG, have increased their holdings in Palomar, showcasing strong institutional interest in the stock.
• Palomar reported $1.76 earnings per share for the last quarter, exceeding analyst expectations of $1.68, with a significant revenue increase of 47.6% year-over-year.

Cubist Systematic Strategies LLC decreased its holdings in Palomar Holdings, Inc. (NASDAQ:PLMR - Free Report) by 66.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,513 shares of the company's stock after selling 20,685 shares during the period. Cubist Systematic Strategies LLC's holdings in Palomar were worth $1,441,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of PLMR. Northern Trust Corp increased its stake in shares of Palomar by 17.8% in the fourth quarter. Northern Trust Corp now owns 278,240 shares of the company's stock worth $29,379,000 after purchasing an additional 42,133 shares in the last quarter. Captrust Financial Advisors increased its stake in shares of Palomar by 36.9% in the fourth quarter. Captrust Financial Advisors now owns 7,505 shares of the company's stock worth $792,000 after purchasing an additional 2,024 shares in the last quarter. Deutsche Bank AG increased its stake in shares of Palomar by 156.0% in the fourth quarter. Deutsche Bank AG now owns 38,319 shares of the company's stock worth $4,046,000 after purchasing an additional 23,352 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Palomar by 211.8% in the fourth quarter. Janus Henderson Group PLC now owns 140,384 shares of the company's stock worth $14,830,000 after purchasing an additional 95,359 shares in the last quarter. Finally, Lighthouse Investment Partners LLC purchased a new position in shares of Palomar in the fourth quarter worth about $3,396,000. Hedge funds and other institutional investors own 90.25% of the company's stock.

Insider Buying and Selling at Palomar

In other Palomar news, CEO Mac Armstrong sold 5,000 shares of Palomar stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $126.56, for a total transaction of $632,800.00. Following the completion of the sale, the chief executive officer directly owned 377,388 shares in the company, valued at $47,762,225.28. The trade was a 1.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard H. Taketa bought 500 shares of the company's stock in a transaction on Monday, August 18th. The shares were bought at an average price of $121.14 per share, with a total value of $60,570.00. Following the completion of the transaction, the director owned 44,226 shares of the company's stock, valued at $5,357,537.64. The trade was a 1.14% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 22,878 shares of company stock valued at $3,202,297 over the last quarter. Company insiders own 3.70% of the company's stock.

Analyst Ratings Changes

PLMR has been the subject of several recent research reports. Keefe, Bruyette & Woods reduced their target price on shares of Palomar from $204.00 to $172.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. JPMorgan Chase & Co. cut their price objective on shares of Palomar from $170.00 to $158.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. Wall Street Zen lowered shares of Palomar from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Piper Sandler cut their price objective on shares of Palomar from $177.00 to $151.00 and set an "overweight" rating for the company in a research report on Wednesday, August 6th. Finally, Evercore ISI raised their price objective on shares of Palomar from $163.00 to $168.00 and gave the company an "in-line" rating in a research report on Friday, May 30th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Palomar has a consensus rating of "Moderate Buy" and a consensus target price of $165.83.

Palomar Trading Down 1.9%

Shares of PLMR stock traded down $2.33 during trading hours on Wednesday, reaching $118.70. The stock had a trading volume of 480,233 shares, compared to its average volume of 293,002. Palomar Holdings, Inc. has a 12 month low of $85.00 and a 12 month high of $175.85. The firm has a market capitalization of $3.18 billion, a PE ratio of 20.86 and a beta of 0.34. The stock's fifty day simple moving average is $129.78 and its 200 day simple moving average is $141.33.

Palomar (NASDAQ:PLMR - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.08. Palomar had a net margin of 22.71% and a return on equity of 20.35%. The business had revenue of $496.29 million during the quarter, compared to analyst estimates of $173.86 million. During the same period in the previous year, the business posted $1.25 earnings per share. Palomar's revenue for the quarter was up 47.6% on a year-over-year basis. As a group, equities research analysts anticipate that Palomar Holdings, Inc. will post 5.99 EPS for the current fiscal year.

Palomar Profile

Palomar Holdings, Inc, a specialty insurance company, provides property and casualty insurance to residential and businesses in the United States. The company offers personal and commercial specialty property insurance products, including residential and commercial earthquake, fronting, commercial all risk, specialty homeowners, inland marine, Hawaii hurricane, and residential flood, as well as other products, such as assumed reinsurance.